ECONOMY

Shipping Report

TANKERS N. Sea, with Aframax rates hovering around W/S 135, while Suezmaxes are being fixed at W/S 77.5 with destinations East and W/S 82.5 with destinations to USAC. – Minor activity in the Med. too, with Suezmaxes around W/S 120 for cross-Atlantic cargoes, therefore the comparatively high Aframaxes rates are expected to weaken. – The picture is similar in Caribs for Aframaxes and Panamaxes. Rates for 50,000-ton cargoes are around W/S 150. – In the Med., Stasco has fixed M/T «Aegean Legend» for 80,000 tons of cargo, loading Algeria July 18, discharging US Gulf, at W/S 147.5. – VLCCs market quiet, while Suezmaxes out of W. Africa are at around W/S 80. – In the Cont., Bhp for 80,000 tons of cargo, loading July 12, discharging UKC, has fixed M/T «Nordic Yukon» at W/S 140. – In Caribs and for 50,000-ton cargoes, Trafigura has fixed M/T «Fidelity,» loading July 7, discharging US Gulf, at W/S 150. DRY CARGO Capesize trading remains very sluggish. Fresh inquiry appears limited with an ample supply of tonnage in both areas. – On Panamaxes, the picture is the opposite. In the Atlantic, rates are firming with owners talking about trips to the East via East Coast S. America at USD 19,000 daily. Panocean has fixed M/V «Seawind,» 74,012 dwt, built 1996, delivery Brazil, redelivery Far East, at USD 19,250 daily. – Also extremely firm remains the market in the Far East, with owners withholding their vessels due to strong demand. NYK has fixed M/V «Chia May,» 74,007 dwt, built 1997, delivery Vietnam July 2-5, trip via Indonesia, redelivery Japan, at USD 19,500 daily. – On smaller sizes, Armada has fixed M/V «Fiora Topic,» 37,179 dwt, built 1984, delivery W. Africa mid-July for three to five-month period, at USD 10,250 daily. – On coal cargoes, PVO for 140,000 tons of cargo, loading August 15-31 S. Africa, discharging Finland, has fixed M/V «Lydia» at USD 15.50 per ton with two-day load and 25,000 tons discharge.